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127th MAINE LEGISLATURE |
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LD 297 |
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LR 1423(05) |
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An Act To Increase
Allowed Investments under the Maine New Markets Capital Investment Program |
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Fiscal Note for
Senate Amendment " " to Committee Amendment "B" |
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Sponsor: Sen. Patrick of Oxford |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2015-16 |
FY 2016-17 |
Projections FY 2017-18 |
Projections FY 2018-19 |
| Net Cost
(Savings) |
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General Fund |
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$10,000 |
$10,000 |
$10,000 |
$10,000 |
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| Appropriations/Allocations |
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General Fund |
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$10,000 |
$10,000 |
$10,000 |
$10,000 |
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| Fiscal Detail
and Notes |
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This amendment
requires the State Tax Assessor to recapture credits under the Maine New
Markets Capital Investment Program if the credits are deemed to be the result
of sham transactions. These provisions
could result in an increase in General Fund and Local Government Fund revenue
if sham transactions are found. No
estimate of the potential revenue impact can be made at this time. |
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This amendment
provides General Fund appropriations of $10,000 in fiscal year 2015-16 and
$10,000 in fiscal year 2016-17 to the Finance Authority of Maine for the
costs associated with the State Tax Assessor review of sham transactions. |
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